TLDR:
TLcom Capital has successfully raised $154 million for its second fund, TIDE Africa Fund II, making it the largest investor across seed and Series A stages in Africa. The fund attracted participation from over 20 limited partners, including the European Investment Bank and Visa Foundation.
Despite the global slowdown in venture capital, TLcom closed its second fund in a shorter time-frame than its first fund, showcasing the growing acceptance of venture capital in Africa as a legitimate asset class. The firm focuses on traditional sectors and prioritizes early-stage opportunities.
Article Summary:
Venture capital activity in Africa has shown resilience, with TLcom Capital closing its second fund, TIDE Africa Fund II, at $154 million. The oversubscribed fund attracted over 20 limited partners, including the European Investment Bank and Visa Foundation.
The final close positions TLcom as Africa’s largest investor in seed and Series A stages. The firm maintained a consistent strategy, focusing on traditional sectors like fintech, mobility, agriculture, healthcare, education, and commerce, and prioritizing early-stage opportunities.
Despite the global slowdown in venture capital, TLcom closed its second fund in a shorter time-frame than its first fund, showcasing the growing acceptance of venture capital in Africa as a legitimate asset class. The firm’s portfolio of companies also played a crucial role in garnering investor support.
TLcom’s investment strategy includes backing startups in pre-seed and seed stages, as well as considering opportunistic deals at growth and later stages. The firm has made follow-on investments in companies like Andela and FairMoney, demonstrating its commitment to supporting its portfolio companies at various stages of growth.
